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SuperGroup revises profit forecast after January sales slowdown

SuperGroup has revised its full year profits guidance following a slowdown in sales in the last three weeks of January.

The retailer now expects that pre-tax profit to be towards the lower end of market expectations. Current forecasts range between £50m and £54.1m, with consensus of £52.6m.

The recent slowdown comes after a strong performance over Christmas, with December like-for-likes rising 9.3%. In the 13 weeks to January 29, SuperGroup like-for-likes grew 4.4% as total retail sales soared 27.8%.

SuperGroup chief executive Julian Dunkerton said: “Retail sales during the quarter have been mixed, with a challenging last three weeks of January.

“Whilst we continue to expand our retail, wholesale and internet businesses, our focus in the coming year will be on rolling out our new ranges in the UK and internationally and making improvements to the operational side of our business.”

Four new stores launched across the period, including one floor at the retailer’s flagship Regent Street store. It now operates 76 UK stores and 74 concessions.

SuperGroup’s wholesale division “returned to good growth” in January, as sales grew 59.2%, up from the 3.8% decline in November and December. It added wholesale customers are receiving spring 2012 deliveries earlier than last year and “are well-placed for the season”.

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